Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been assigned a consensus recommendation of “Hold” from the six brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $8.93.

Several brokerages have recently commented on PACB. CL King downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $6.80 target price for the company. in a research note on Thursday, September 28th. BidaskClub downgraded Pacific Biosciences of California from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research downgraded Pacific Biosciences of California from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th.

Shares of Pacific Biosciences of California (NASDAQ PACB) opened at 4.40 on Monday. The company’s market capitalization is $508.60 million. The stock has a 50 day moving average price of $5.04 and a 200-day moving average price of $4.22. Pacific Biosciences of California has a one year low of $3.08 and a one year high of $9.07.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.26) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by ($0.02). The firm had revenue of $20.07 million during the quarter, compared to analyst estimates of $23.34 million. Pacific Biosciences of California had a negative net margin of 89.67% and a negative return on equity of 93.31%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.21) earnings per share. On average, equities research analysts expect that Pacific Biosciences of California will post ($0.89) EPS for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in PACB. HighTower Advisors LLC lifted its position in Pacific Biosciences of California by 35.1% in the 2nd quarter. HighTower Advisors LLC now owns 27,785 shares of the biotechnology company’s stock valued at $101,000 after acquiring an additional 7,225 shares in the last quarter. Karp Capital Management Corp bought a new position in Pacific Biosciences of California in the 1st quarter valued at about $116,000. Voya Investment Management LLC lifted its position in Pacific Biosciences of California by 17.5% in the 2nd quarter. Voya Investment Management LLC now owns 41,653 shares of the biotechnology company’s stock valued at $148,000 after acquiring an additional 6,218 shares in the last quarter. BlueCrest Capital Management Ltd bought a new position in Pacific Biosciences of California in the 2nd quarter valued at about $155,000. Finally, American International Group Inc. lifted its position in Pacific Biosciences of California by 7.4% in the 1st quarter. American International Group Inc. now owns 47,080 shares of the biotechnology company’s stock valued at $243,000 after acquiring an additional 3,258 shares in the last quarter. 68.32% of the stock is currently owned by institutional investors and hedge funds.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company is engaged in the development, manufacturing and marketing of an integrated platform for genetic analysis. Its Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes.

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